Thursday, 27 June 2013

1pm update - watching and waiting

Market is holding just under the earlier sp'1620 high. Bears only need a daily close <1610 to break the up trend/channel. VIX looks floored in the mid 16s, although that looked the case the 17s. The R2K is particularly strong, +1.3%



So, we're seeing distinct resistance at 1620, but considering its a major QE day, bears face problems into the close.

It does seem to be a day of technicals, and no doubt swayed to the upside by all those Benny bux sloshing around out there.

One upside for tomorrow, no QE, and if the PMI number comes in weak, it might be the excuse the market needs to begin another down wave.

VIX update from Mr T

stay tuned